The weekly Davis Index for imported Honey brass Wednesday dropped by Rs8,000/mt($107.68/mt) from the prior week to settle at Rs310,000/mt del Delhi consumer amid volatility in LME three-month copper contract. The three-month LME Copper contract settled at $6,525/mt on August 25, up by $38.5/mt from prior Wednesday, before rising to $6,648/mt on August 19.
The weekly index for imported Honey brass settled at Rs321,250/mt del Jamnagar, down by Rs1,750/mt from the prior week as the spread for imported honey delivered India widened from the prior week.
The weekly Index for Honey brass domestic origin dropped to Rs313,500/mt del Jamnagar consumer down by Rs1,833/mt from the prior week.
Unlike the other three indexes, the weekly Index for Honey brass domestic rose to Rs307,000/mt del Delhi consumer, up by Rs2,000/mt from the prior week.
Jamnagar traders and downstream manufacturers reported improvement in demand especially those from producing brass auto spare parts. Manufactures reported continuous demand for ventilator parts as India continues its battle against the rising number of the COVID-19 positive patients requiring ventilator intervention. Unlike manufacturers and traders in Jamnagar, Delhi participants reported weak demand for brass scrap in NCR region.
The brass billet manufacturers continued to stay away from exports due to an increase in the input cost. Davis Index heard offers for brass billets at $4,100/mt level, but traders refused to negotiate at this rate. Offers for imported honey were heard at $3,980/mt from $4,021/mt cfr India for US-origin prior week.
($1= Rs74.29)